3/15/26, 5:29 PM CPFA Practice Exam (NAPA
CPFA Practice Exam (NAPA Questions) Most Recent Exam
Actual Complete Real Exam Questions And Correct
Answers (Verified Answers) Already Graded A+ |
guaranteed Success!! | Newest Exam | Just
Released!! 2026
ERISA requires that fiduciaries manage the plan for the exclusive benefit of which of the
following parties?
a. Participants and their beneficiaries
b. Plan Sponsor
c. Plan Administrator
d. Business owner
a. Participants and their beneficiaries
June is a Plan Sponsor of a small plan and decided she'll be acting as the sole
fiduciary of the plan. All of the following are her responsibilities, EXCEPT:
a. Give investment advice to participants
b. Fill the role of Plan Administrator
c. Follow a prudent process when hiring service providers
d. Sign and file the Form 5500
a. Give investment advice to participants
1/47
,3/15/26, 5:29 PM CPFA Practice Exam (NAPA
Under ERISA, the Plan Administrator has the following roles, EXCEPT:
a. Providing participants with a summary plan description
b. Redesigning the plan's employer matching contribution formula
c. Distributing required notices to participants
d. Providing the plan document to participants who request a copy
b. Redesigning the plan's employer matching contribution formula
Under ERISA, all of the following are Plan Trustee responsibilities, EXCEPT:
a. Monitor the investment manager whom the Plan Trustee hired.
b. Oversee the Plan Administrator.
c. Delegate specific investment duties to a service provider and monitor the
service provider's performance.
d. Follow participant directions for the investment of contributions,
unless the instructions conflict with ERISA.
b. Oversee the Plan Administrator.
2/47
,3/15/26, 5:29 PM CPFA Practice Exam (NAPA
All of the following may be named fiduciaries in a plan document, EXCEPT:
a. Plan Sponsor
b. Plan Administrator
c. Plan Trustee
d. Legal counsel who prepares the plan document
d. Legal counsel who prepares the plan document
Sue is a plan advisor for the ABC Retirement Plan. On the agenda for the upcoming
ABC Plan Committee meeting is an action item to replace Len and nominate a new
member to the Committee. Len has been asked to leave the Committee due to his
unsatisfactory attendance at monthly meetings. All of the following are best
practices regarding
fiduciary changes, EXCEPT:
a. Per Len's request, the Committee minutes will exclude the reason Len was
asked to leave the committee.
b. Sue should educate the members on the importance of documenting
fiduciary changes.
c. The Committee minutes should document the process of naming Len's replacement.
d. The new member should be informed of the goals of the Committee and
attendance requirements.
a. Per Len's request, the Committee minutes will exclude the reason Len was
asked to leave the committee.
3/47
, 3/15/26, 5:29 PM CPFA Practice Exam (NAPA
Sharon is a 3(21) advisor. She is meeting with a potential client and is preparing for
her meeting. All of the following are services that Sharon may offer the prospect,
EXCEPT:
a. Attend the client's investment committee meetings.
b. Create the agendas for the client's investment committee meetings.
c. Assist with the review of the investments.
d. Make decision to replace funds on the watch list pursuant to the investment
policy statement, prior to attending the investment committee meeting.
d. Make decision to replace funds on the watch list pursuant to the investment
policy statement, prior to attending the investment committee meeting.
All of the following represent potential breaches of fiduciary responsibility by
plan fiduciaries, EXCEPT:
a. A Plan Trustee delegates some of his responsibilities to a discretionary trustee
who he continues to monitor.
b. A Plan Sponsor chooses a bank's recordkeeping service without performing
due diligence because the bank provides reduced rates on corporate banking
services.
c. A Plan Trustee deposits weekly payroll deferrals at the end of the quarter.
d. A Plan Sponsor appoints a consultant to monitor the plan's service provider
but then ignores the consultant's findings.
a. A Plan Trustee delegates some of his responsibilities to a discretionary trustee
who he continues to monitor.
4/47
CPFA Practice Exam (NAPA Questions) Most Recent Exam
Actual Complete Real Exam Questions And Correct
Answers (Verified Answers) Already Graded A+ |
guaranteed Success!! | Newest Exam | Just
Released!! 2026
ERISA requires that fiduciaries manage the plan for the exclusive benefit of which of the
following parties?
a. Participants and their beneficiaries
b. Plan Sponsor
c. Plan Administrator
d. Business owner
a. Participants and their beneficiaries
June is a Plan Sponsor of a small plan and decided she'll be acting as the sole
fiduciary of the plan. All of the following are her responsibilities, EXCEPT:
a. Give investment advice to participants
b. Fill the role of Plan Administrator
c. Follow a prudent process when hiring service providers
d. Sign and file the Form 5500
a. Give investment advice to participants
1/47
,3/15/26, 5:29 PM CPFA Practice Exam (NAPA
Under ERISA, the Plan Administrator has the following roles, EXCEPT:
a. Providing participants with a summary plan description
b. Redesigning the plan's employer matching contribution formula
c. Distributing required notices to participants
d. Providing the plan document to participants who request a copy
b. Redesigning the plan's employer matching contribution formula
Under ERISA, all of the following are Plan Trustee responsibilities, EXCEPT:
a. Monitor the investment manager whom the Plan Trustee hired.
b. Oversee the Plan Administrator.
c. Delegate specific investment duties to a service provider and monitor the
service provider's performance.
d. Follow participant directions for the investment of contributions,
unless the instructions conflict with ERISA.
b. Oversee the Plan Administrator.
2/47
,3/15/26, 5:29 PM CPFA Practice Exam (NAPA
All of the following may be named fiduciaries in a plan document, EXCEPT:
a. Plan Sponsor
b. Plan Administrator
c. Plan Trustee
d. Legal counsel who prepares the plan document
d. Legal counsel who prepares the plan document
Sue is a plan advisor for the ABC Retirement Plan. On the agenda for the upcoming
ABC Plan Committee meeting is an action item to replace Len and nominate a new
member to the Committee. Len has been asked to leave the Committee due to his
unsatisfactory attendance at monthly meetings. All of the following are best
practices regarding
fiduciary changes, EXCEPT:
a. Per Len's request, the Committee minutes will exclude the reason Len was
asked to leave the committee.
b. Sue should educate the members on the importance of documenting
fiduciary changes.
c. The Committee minutes should document the process of naming Len's replacement.
d. The new member should be informed of the goals of the Committee and
attendance requirements.
a. Per Len's request, the Committee minutes will exclude the reason Len was
asked to leave the committee.
3/47
, 3/15/26, 5:29 PM CPFA Practice Exam (NAPA
Sharon is a 3(21) advisor. She is meeting with a potential client and is preparing for
her meeting. All of the following are services that Sharon may offer the prospect,
EXCEPT:
a. Attend the client's investment committee meetings.
b. Create the agendas for the client's investment committee meetings.
c. Assist with the review of the investments.
d. Make decision to replace funds on the watch list pursuant to the investment
policy statement, prior to attending the investment committee meeting.
d. Make decision to replace funds on the watch list pursuant to the investment
policy statement, prior to attending the investment committee meeting.
All of the following represent potential breaches of fiduciary responsibility by
plan fiduciaries, EXCEPT:
a. A Plan Trustee delegates some of his responsibilities to a discretionary trustee
who he continues to monitor.
b. A Plan Sponsor chooses a bank's recordkeeping service without performing
due diligence because the bank provides reduced rates on corporate banking
services.
c. A Plan Trustee deposits weekly payroll deferrals at the end of the quarter.
d. A Plan Sponsor appoints a consultant to monitor the plan's service provider
but then ignores the consultant's findings.
a. A Plan Trustee delegates some of his responsibilities to a discretionary trustee
who he continues to monitor.
4/47
